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Economic sentiment in the EU is declining slightly; Rising inflation in Germany and Spain: Economic wrap

The EU’s economic sentiment indicator edged down 1.1 points to 116.5 in November, the European Commission said.

The drop has been attributed to a noticeable drop in consumer confidence, although in other sectors such as industry and services it has remained the same. At the same time, confidence in the retail and construction sectors has improved.

Germany, the Netherlands and Spain were among the countries that experienced a downward trend in their economic sentiment, with the latter suffering the largest decline.

In contrast, France saw the strongest improvement in economic sentiment during the month. Italy and Poland were two other countries which had a more favorable feeling.

Inflation in Western Europe

The annual inflation rate in Spain reached 5.6% in November, according to preliminary estimates in a press release issued by the Spanish National Statistics Institute.

The inflation rate forecast for November will be the highest since September 1992. The increase is mainly due to higher food prices.

In addition, the monthly inflation rate is expected to reach 0.4% in November.

Meanwhile, consumer prices in Germany are expected to rise 5.2% in November compared to a year ago, according to data from the German Federal Statistical Office. This is higher than the 4.5 percent in October.

Energy costs jumped 22.1% while food prices rose 4.5%, according to preliminary estimates.

The monthly inflation rate is expected to be negative 0.2% in November.

Unemployment in Mexico

Mexico’s unemployment rate decelerated to 3.9% in October from 4.2% the month before, according to the country’s official statistics agency, INEGI.

The number of unemployed fell to 2.3 million, down 288,000 from the previous year, according to the INEGI report.

On a seasonally adjusted basis, the unemployment rate remained at 3.9%.


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